During the first hours, since its activation, more than 1,000,000 tokens of the previous version (SAI) were migrated on the DAI multicolateral platform to the new version of the cryptocurrency anchored to the dollar or stablecoin, which will keep the denomination of DAI . This was reported on Monday, November 18 in the official Twitter account of MakerDAO, the organization behind the platform.
The MakerDAO publication indicates that during the first two hours the figure in DAI was 1,117,765. That amount increased and exceeded 1,800,000 DAI shortly after, as can be seen through the Sai2Dai site, through which migration can be monitored in real time. At the time of writing, the total migrated is equivalent to 1.84% of the total supply between UPS and DAI.
The migration process of the existing version corresponds to the creation of a new version of the token issued through the Maker loan protocol on behalf of MakerDAO. Each debt contract with collateral in ether (ETH), the native token of the Ethereum network, generated the issuance of DAI.
Now, in addition to ETH, users of the loan protocol will be able to provide other cryptocurrencies as a guarantee for their DAIs, such as BAT, REP and OMG. During the first hours that the protocol with multicolaterals for DAI has been active, the creation of more than 200,000 new tokens with guarantee in BAT stands out.
Through Twitter, the DAI creation tracking account, MakerDaiBot. reports that the creation of that amount of DAI was through a contract in which the user put as a guarantee a total of 2,025,000 BAT (equivalent to about USD 527,324).
¿ How to migrate from UPS to DAI?
Users who own funds in the now called UPS must migrate to the new version of DAI. Otherwise, funds that are not migrated will be liquidated by the platform. The grace period for the execution of this process is not yet defined, MakerDAO previously reported. In fact, they have not given an estimated time for the migration of more than 100,000,000 existing UPSs to be completed.
To migrate from UPS to DAI, token holders can access the Maker website, where they can execute the process. Also exchange houses or purses that have support for the anchored currency will also have the migration option enabled.
For example, the Wini Wallet app, developed in Argentina, has already performed a first migration operation. This was reported by the team of said application in their social networks. In the same tweet, it is reported that the option to migrate is not yet integrated directly into the application, while through the public group of Wini Wallet on Telegram they have stated that they are in the process of integration.